HOME OWNERSHIP

Pradhan Mantri Awas Yojana (PMAY) is a flagship affordable housing scheme launched by the Indian government on June 25, 2015, under the Pradhan Mantri Awas Yojana Scheme (PMAY). The scheme aims to provide affordable housing for the poor and homeless. Key Features of PMAY: Affordable Housing: Provides affordable housing at an cost of Rs. 1 […]

Definition: Homeownership is the state of owning a residence as a primary or secondary residence. It is a major investment and a significant financial decision that involves various aspects, including mortgage loans, down payments, closing costs, property taxes, and homeowner’s insurance. Advantages: Disadvantages: Types of Home Ownership: Conclusion: Homeownership is a major investment with both […]

Sure, here is the breakdown of the listed words: Principal:– Principal refers to the initial investment or loan amount. It is the main amount borrowed or invested. Interest:– Interest is the cost of borrowing money or the return on investment. It is calculated on the principal amount and can be simple or compound. Taxes:– Taxes […]

The word “home” is a powerful and multifaceted word. It evokes a sense of belonging, safety, stability, and comfort. It is a physical space where we reside, but also a metaphorical space within ourselves and within our hearts. Physical Home:– A place of shelter and refuge.- A physical structure where we live.- A place where […]

Definition: A tenement is a dwelling unit or room rented for a relatively short term, typically on a month-to-month basis. It is a type of rental housing that typically involves shared walls with other units and common areas. Key Features: Short-Term Rental: Tenements are typically rented for a shorter term than a traditional apartment, usually […]

Definition: An assignor is a party who transfers ownership or a right to a property or asset to another party, known as the assignee. Key Points: Transfer of Ownership or Right: An assignor transfers ownership or a right to a property or asset to an assignee. Assignment: The act of transferring ownership or a right […]

Sales Comparison Approach The sales comparison approach is a technique used in real estate valuation to estimate the value of a property by comparing it to similar properties that have recently sold. It is commonly used in residential and commercial property valuation. Key Principles: Identification of Comparable Properties: Select properties that are similar in size, […]

Cooperative Insurance Cooperative insurance is a type of insurance where policyholders pool their resources together to provide coverage for each other. Instead of paying premiums to a single insurer, policyholders contribute to a common fund. This fund is used to cover claims made by any policyholder. Key Features of Cooperative Insurance: Mutualism: Policyholders are members […]

Limited Common Elements Limited common elements are elements that are common to two sets but not shared by a third set. Definition: For three sets A, B, and C, the limited common elements of A and B with respect to C are the elements that are common to A and B but not to C. […]

Occupancy Certificate An occupancy certificate is a document issued by a local authority to certify that a building or structure is safe and habitable for human occupancy. It typically includes the following information: 1. Building Information:– Address of the building- Building owner’s name- Number of floors- Total area of the building 2. Safety Features:– Fire […]